Wall Street Breakfast Podcast: Live Nation Reportedly Faces Antitrust Lawsuit, Shares Drop

seekingalpha04-16

Live Nation's stock drops as reports suggest an antitrust lawsuit may be filed against the company by the Justice Department.The U.S. government is expected to award all grant money from the CHIPS and...

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Faces Antitrust Lawsuit, Shares Drop\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-16 18:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4683976-wall-street-breakfast-podcast-live-nation-reportedly-faces-antitrust-lawsuit-shares-drop><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Live Nation's stock drops as reports suggest an antitrust lawsuit may be filed against the company by the Justice Department.The U.S. government is expected to award all grant money from the CHIPS and...</p>\n\n<a href=\"https://seekingalpha.com/article/4683976-wall-street-breakfast-podcast-live-nation-reportedly-faces-antitrust-lawsuit-shares-drop\">Source 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Nation面临反垄断诉讼，股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WTFC":1,"BIDU":1,"LYV":1,"MCBC":1,"MSFT":1,"US3Y.BOND":0.6,"US912797HH31.BOND":0.6,"US912797HG57.BOND":0.6,"US912797HE00.BOND":0.6,"US10Y.BOND":0.6,"US12M.BOND":0.6,"US2Y.BOND":0.6,"US30Y.BOND":0.6,"US912797GW17.BOND":0.6,"US5Y.BOND":0.6,"US6M.BOND":0.6,"US7Y.BOND":0.6,"US912796CX52.BOND":0.6,"US912797FH58.BOND":0.6,"US912797FS14.BOND":0.6,"US912797GB79.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6},"content_text":"Live Nation's stock drops as reports suggest an antitrust lawsuit may be filed against the company by the Justice Department.The U.S. government is expected to award all grant money from the CHIPS and Science Act this year, with $16 billion still available.Microsoft invests in UAE-based AI firm G42 to bring advanced AI and digital infrastructure to markets across the Middle East, Central Asia, and Africa.   JHVEPhoto Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nLive Nation (LYV) drops on reports Justice Dept. may file antitrust lawsuit next month. (00:32) U.S. government expected to award all CHIPS Act grants this year. (01:28) Microsoft (MSFT) invests $1.5B in UAE-based AI firm G42. (02:17) This is an abridged transcript of the podcast. Live Nation (NYSE:LYV) is down 7% in premarket action amid reports that an antitrust lawsuit is near. According to a WSJ report on Monday, which cited people familiar with the matter, the Justice Department is preparing to file an antitrust lawsuit against the concert promoter as soon as next month. The regulator is expected to allege that Live Nation (LYV) used its dominance in a manner that undermined competition for ticketing live events. The specific charges were not known. Several state attorneys general are also involved in the investigation and may decide to join the DOJ in its suit, according to a separate Bloomberg report on Monday. \"Ticketmaster has more competition today than it has ever had, and the deal terms with venues show it has nothing close to monopoly power,\" a Ticketmaster spokeswoman told the WSJ. The commerce department is on track to award all the grant money from the CHIPS and Science act this year. That’s the word from Commerce Secretary Gina Raimondo to CNBC. The legislation included $39B in grant money and more than half has already been awarded, leaving $16B still on the table. Early Monday, Seeking Alpha told you that Samsung is getting $6.4B in grant money from the U.S. to ramp up local chip production. Samsung will use the funds to build two chip factories, a packaging facility, and an R&D fab, all in Taylor, Texas. In addition, Samsung will expand its existing facility in Austin, Texas, to produce chips for aerospace, defense, and automotive applications. Microsoft (NASDAQ:MSFT) will invest $1.5B for a minority stake in G42, an AI firm based in the UAE. The goal is to bring advanced AI and digital infrastructure to markets across the Middle East, Central Asia, and Africa. Under this partnership, Brad Smith, vice chair and president of Microsoft (MSFT), will join G42's board of directors. The companies will support the establishment of a $1B fund to develop a skilled and diverse AI workforce and talent pool. G42 will run its AI applications and services on Microsoft (MSFT) Azure, and provide AI solutions to major corporations and public sector clients. The two companies first partnered in April 2023 to explore the acceleration of UAE's digital transformation. Other articles to look out for on Seeking Alpha: Peloton pulls unlimited free app membership tier as it fails to draw paid users Remain cautious on defense stocks amid Iran escalation: Wells Fargo Broadcom questioned by EU regulators over VMware licensing: report On our catalyst watch for the day, Baidu (BIDU) will host its annual flagship AI developer conference at the Shenzhen World Exhibition and Convention Center. Robin Li, Co-founder, Chairman and CEO of Baidu, will deliver a keynote speech, which will be his first major public speech of 2024. The major market averages concluded Monday’s trading session lower after an early morning rally took place. The Dow (DJI) closed lower by 0.6%, the S&P 500 (SP500) ended in the red by 1.2%, and the Nasdaq (COMP.IND) rounded out lower by 1.7%. From a sector point of view, all of the 11 S&P segments ended lower with Information Technology and Real Estate being the two worst performing sectors. Health Care was the best performer. 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